Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Relationship between risk and project management
Relationship between risk and project management
Relationship between risk and project management
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Relationship between risk and project management
Project Charter is a document that describes the overall project and provides a summary of the objective and management of the project. It provides a detailed description of the project, its objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference throughout the life cycle of the project and also for the future of the project. Project charter is the starting phase of the project and it plays an important role in a project as it sets out exactly what the project will achieve, the essence, goals and objectives of the project, provides understanding of the project, authorizes the work to take place and acts as a contract between the project sponsors, stakeholders and the team.
In
…show more content…
It can be the contract or the business case of the project.
Project description: This section explains the reason for undertaking the project and what the project will achieve after its completion. It needs to include the details of what is going to be brought after the completion of the project.
Budget: This section includes the range of expenditure or budget constraints expected for the project. The estimated cost for the project is calculated as provided.
Risks: This section identifies any potential risk that the management team might see while going through the project that will affect its completion. It includes any risk that might affect the progress of the project. So, risk management plan should be included in a project plan which provides the detail of how the risk can be managed and the teams responsible for solving the risk.
Milestones: This section include dates, or anything specified in the contracts of the project you are working, which might later be transferred to the Gantt chart.
Project objectives: This section is very important as it explains the benefits of the project and what the project is expected to deliver, its target and its
Hillson, D. & Simon, P., (2012). Practical Project Risk Management, The ATOM Methodology: Second Edition. Vienna, VA: Management Concept Press
At first should the terminology be defined. A project is "a unique set of coordinated activities, with a definite start and finishing point, undertaken by an individual or organisation to meet specific objectives within defined, scheduled costs and performance parameters" (BS 6079-1,200:2, Material of Sunderland 2005, page 5). The individual who undertakes the organisa-tion is usually the project manager. This person plays a special role and is supported by his team.
“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind” a famous quote about our goal by Seneca. It is a metaphor about the achievement goal and objectives by good planning skills. One has to plan for what one wants to achieve and where one wants to go. One of the most important things is to have good planning, before taking any project the first think you should do is to create project plan. Planning can be defined as preparing a sequence of action to achieve specific goals and objectives. According to Kerzner (2009), “project planning is desirable that the project manager is involved from project conception through execution. It must be systematic, flexible to handle, closely disciplined through reviews and control and capable of accepting multi functional inputs (pg. 412)”. The importance of planning a project is to describe the work so that it will be easily identifiable to the project team member.
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
There are four major reasons for a project charter. One it authorizes the project manager to proceed with the project. It helps the project team and sponsors develop a mutual understanding. It helps all parties commit to the project. It also will help to screen out a poor project
In this competitive world, companies have to deal with various types of risk all the time with there projects. Generally, it affects the budget and schedule of the project. So it is important to keep in mind the risk management strategies while creating an initial project plan.